Nexans awarded its largest agreement in history to support energy transition in Europe with TenneT
_PRESS RELEASE_
Paris, May 5, 2023 – Nexans, a leader in the design and manufacturing of cable systems and services, has been awarded a frame agreement by TenneT, the Transmission System Operator (TSO) for the Netherlands and a significant part of Germany.
Under this frame, Nexans will be responsible for three grid projects, connecting the future offshore wind farms BalWin 3, LanWin 4, LanWin 2, in the German North Sea to main land. The initial value is 1.7bn EUR, with major subcontracted works to be added once the project-specific call-offs are signed.
Nexans will be responsible for the full Engineering, Procurement, Construction and Installation – including civil works (EPCI) of over 2,160 km of subsea and land cables.
In 2022, Nexans made a major step forward with the successful development and testing of the first 525 kV DC cable with key features to enable a substantial increase in transmission capacity. The awarded projects are the first in which the Nexans group is deploying its breakthrough 525 kV offshore cable technology, specifically designed to support the energy transition. The subsea cables will be manufactured at Nexans’ flagship factory in Halden, Norway.
After the successful completion of the DolWin 6 project and the award of the BorWin 6 project in 2022, the frame agreement continues Nexans’ long-term partnership with TenneT, contributing to the acceleration of Germany’s energy transition. It confirms that Nexans is a reliable partner to support the energy transition and reduce net GHG emissions to meet the carbon neutrality targets set at COP21.
Vincent Dessale, Chief Operating Officer and Senior Executive Vice President of Nexans said: "The uncertainty on the energy supply has again underlined the need to invest in offshore grids throughout Europe. This can only happen by creating strong and long term partnerships between suppliers and transmission system operators. The frame agreement developed by TenneT is the perfect answer to those challenges, and is consistent with Nexans’ risk reward model. Nexans is proud to be involved in the ground-breaking developments and delighted to be trusted by TenneT. Our expertise in this field has allowed us to be at the forefront of the energy transition via offshore wind globally."
Nexans’ commitment to sustainability, focus on electrification, development of innovative technologies dedicated to HVDC projects, and investments in new production capacity, vessels and subsea cable protection tools, position the Group as a major player of the energy transition.
Tim Meyerjürgens, COO TenneT says: “After recent awarding of the first five cable connections and the announcement of the suppliers for the sea- and land-based converter stations, we are again very proud to announce the partners for the multi-year agreement to produce and install the cables for these crucial and innovative grid connection systems for the energy transition.”
About Nexans
For over a century, Nexans has played a crucial role in the electrification of the planet and is committed to electrifying the future. With 28,000 people in 42 countries, the Group is paving the way to a new world of safe, sustainable and decarbonized electricity that is accessible to everyone. In 2022, Nexans generated 6.7 billion euros in standard sales. The Group is a leader in the design and manufacturing of cable systems and services across four main business areas: Power Generation & Transmission, Distribution, Usage and Industry & Solutions. Nexans was the first company in its industry to create a Foundation supporting sustainable initiatives, bringing access to energy to disadvantaged communities worldwide. The Group pledged to contribute to carbon neutrality by 2030.
Nexans. Electrify the future.
Nexans is listed on Euronext Paris, compartment A.For more information, please visit www.nexans.com
Contacts:
Communication Mael Evin (Havas Paris) Tel. : +33 (0)6 44 12 14 91 [email protected] Emmanuel Guinot [email protected] Maëllys Leostic [email protected] | Investor relations Elodie Robbe-Mouillot Tel.: +33 (0)1 78 15 03 87 [email protected] |
Attachment
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.